Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Stock Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Announcement No.: 2026-Final02
Yantai Changyu Pioneer Wine Co., Ltd.
This company and all board members guarantee the truthfulness, accuracy and completeness of
disclosed contents as well as no unfaithful facts, misleading statements or significant omissions.
Important Notice
accuracy and completeness of contents contained in this quarter report as well as no unfaithful facts,
misleading statements or significant omissions and undertake individual and collective legal
liabilities.
charge of accounting institution (person in charge of accounting) declare to assure the truthfulness,
accuracy and completeness of the financial information in this quarter report.
□Yes No
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Whether the Company needs to make retroactive adjustments or restate the accounting data of
previous fiscal years.
Yes No
More or less than the same
This report period The same period of last year
period of last year (%)
Operating revenue (CNY) 878,124,848 810,921,680 8.29%
Net profit attributed to the shareholders
of the listed company (CNY)
Net profit attributed to the shareholders
of the listed company after deducting 143,379,277 152,773,333 -6.15%
the non-recurring profit and loss (CNY)
Net cash flows from the operating
activities (CNY)
Basic earnings per share (CNY) 0.23 0.24 -4.17%
Diluted earnings per share (CNY) 0.23 0.24 -4.17%
Weighted average for earning rate of the
net assets
The end of this report More or less than the end of
The end of last year
period last year (%)
Total assets (CNY) 12,090,563,964 12,050,601,981 0.33%
Owners’ equity attributed to the
shareholders of the listed company 10,488,033,936 10,347,247,577 1.36%
(CNY)
Applicable □Inapplicable
Unit：CNY
Item Amount in this report period Explanation
Gains and losses on disposal of non-current assets (including the write-off
-4,393
part of the provision for impairment of assets)
Government grants credited in profit and loss (except for those
continuously-enjoyed normed or quantitative government grants that are
closely related to the entity’s normal operation, in line with national policy
and regulation and based on certain criteria)
Other non-operating income and expenses except for the above items 724,532
Less: Income tax effect 1,861,970
Minority interests effect (after-tax) 656,950
Total 5,127,641 --
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Details of other profit and loss items in line with the identification of non-recurring profit and loss
□Applicable Inapplicable
There are no existed details of other profit and loss items in line with the identification of
non-recurring profit and loss
Explanation for situation that non-recurring profit and loss items are defined as recurrent profit and
loss items in accordance with the Explanatory Announcement on Public Company’s Information
Disclosure No.1 - Non-recurring Profit and Loss
□Applicable Inapplicable
There is no situation that non-recurring profit and loss items are defined as recurrent profit and loss
items in accordance with the Explanatory Announcement on Public Company’s Information
Disclosure No.1 - Non-recurring Profit and Loss.
Applicable □Inapplicable
Unit: CNY
Ending Increase/
Items Beginning Balance Cause of Change
balance Decrease %
Mainly due to the maturity and payment of
Notes receivable 63,342 102,342 -38.11%
some of the bills in this period.
Mainly due to the recovery of previous
Accounts receivable 198,416,301 264,932,724 -25.11%
receivables in the current period.
Mainly due to the increase in the receipt of bank
Receivable financing 299,605,503 228,073,841 31.36%
acceptance drafts during the reporting period.
Mainly due to the increase in construction
Construction in progress 6,910,820 4,313,088 60.23%
projects in this period.
Mainly due to the existence of new lease
Right-of-use asset 91,479,854 55,252,509 65.57%
contracts in this period.
Mainly due to the decrease in the amount of
Other current liabilities 17,712,658 27,193,862 -34.87% deferred sales tax and the reduction in
provisions for liabilities.
Mainly due to the existence of new lease
Lease liabilities 49,884,331 19,437,830 156.64%
contracts in this period.
Other comprehensive
-24,050,269 -16,329,710 -47.28% Mainly due to the decline in exchange rates.
income
Current Amount incurred in Increase/
Items Cause of Change
amount the previous period Decrease%
Mainly due to the large number of brandy
Taxes and surcharges 53,760,289 39,663,507 35.54%
products sold in this period.
Mainly due to the increase in fines and
Non-operating income 805,169 411,110 95.85%
confiscations in this period.
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Mainly due to the reduction in fines, liquidated
Non-operating expenses 85,028 123,065 -30.91%
damages and other penalties in this period.
Financial expenses 7,702,112 -722,936 Inapplicable Mainly due to the increase in exchange losses.
Mainly due to the decrease in accounts
Credit impairment loss 549,171 2,290,245 -76.02%
receivable.
Mainly due to the decrease in inventory
Asset impairment loss 1,710,889 -784,085 Inapplicable
impairment.
Mainly due to the fact that there was no asset
Asset disposal gain 0 359,104 -100.00%
disposal in this period.
Cash received from
Mainly due to the decrease in the cash received
recovering the - 21,000,000 -100%
from the withdrawal of fixed deposits.
investment
Cash received from Mainly due to the reduction in the interest
investment income received from the current period's fixed deposit.
Net cash received from
Mainly due to the reduction of the
the disposal of fixed
compensation for the recovery and disposal of
assets, intangible assets 6,000,000 100,007,058 -94%
the grape base during the reporting period
and other long-term
compared with last year.
assets
Cash paid for other items
Mainly due to the increase in cash paid for
related to financing 6,898,131 3,120,750 121.04%
leases during the reporting period.
activities
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Unit:share
Total number of preferred shareholders with recovered
Total number of common shareholders at the end of report period 41,524 0
voting power at the end of report period (if have)
Shareholding of top 10 shareholders
Percentage Number of Pledged or frozen
Name of Shareholders Character of shareholders Shares held
(%) restricted shares Share status Amount
YANTAI CHANGYU GROUP CO., LTD. Domestic non-state legal person 52.56% 345,473,856 0 Inapplicable 0
Fengdi JIANG Domestic natural person 0.67% 4,410,000 0 Inapplicable 0
Hairong HU Domestic natural person 0.53% 3,464,035 0 Inapplicable 0
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND Foreign legal person person 0.52% 3,446,137 0 Inapplicable 0
Social Security Fund 114 Other 0.52% 3,425,055 0 Inapplicable 0
HONG KONG SECURITIES CLEARING COMPANY LIMITED Foreign legal person 0.49% 3,223,590 0 Inapplicable 0
VANGUARD EMERGING MARKETS STOCK INDEX FUND Foreign legal person 0.47% 3,087,201 0 Inapplicable 0
Social Security Fund 413 Other 0.46% 3,000,060 0 Inapplicable 0
Haitong International Securities Company Limited-Account Client Foreign legal person 0.37% 2,461,494 0 Inapplicable 0
NORGES BANK Foreign legal person 0.35% 2,333,030 0 Inapplicable 0
Shareholding of top 10 shareholders with unrestricted shares (Excluding lending shares through refinancing business and senior executives’ locked shares)
Type of share
Name of Shareholders Number of unrestricted shares held
Type of share Amount
YANTAI CHANGYU GROUP CO., LTD. 345,473,856 A share 345,473,856
Fengdi JIANG 4,410,000 A share 4,410,000
Hairong HU 3,464,035 A share 3,464,035
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3,446,137 B share 3,446,137
Social Security Fund 114 3,425,055 A share 3,425,055
HONG KONG SECURITIES CLEARING COMPANY LIMITED 3,223,590 A share 3,223,590
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
VANGUARD EMERGING MARKETS STOCK INDEX FUND 3,087,201 B share 3,087,201
Social Security Fund 413 3,000,060 A share 3,000,060
Haitong International Securities Company Limited-Account Client 2,461,494 B share 2,461,494
NORGES BANK 2,333,030 B share 2,333,030
Among the top 10 shareholders, Yantai Changyu Group Company Limited has no associated
The explanation for the associated relationship and accordant action of the top 10 shareholders relationship or accordant action relationship with the other 9 listed shareholders, and the
relationship among the other shareholders is unknown.
Explanation for the top 10 common shareholders who involved in financing activities and stock trading business(if any) None
Shareholders holding more than 5%, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participate in the
refinancing business to lend shares
□Applicable Inapplicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing
lending/restitution reasons
□Applicable Inapplicable
□Applicable Inapplicable
□Applicable Inapplicable
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
① Consolidated balance sheet
Yantai Changyu Pioneer Wine Co., Ltd.
Unit: CNY
Item Ending balance Beginning balance
Current Assets：
Monetary fund 2,071,552,463 1,890,611,804
Petty cash
Lending funds
Transactional financial assets
Derivative financial assets
Notes receivable 63,342 102,342
Accounts receivable 198,416,301 264,932,724
Receivables Financing 299,605,503 228,073,841
Accounts prepaid 57,802,413 54,011,809
Premiums receivable
Reinsurance accounts receivable
Receivable reserves for reinsurance contract
Other receivables 125,759,756 127,713,309
Including: Interest receivable
Dividends receivable
Buying back the sale of financial assets
Inventory 2,753,312,350 2,836,077,209
Including: data resource
Contract assets
Assets classified as holding for sale
Non-current assets expire in one year
Other current assets 72,743,636 74,160,936
Total Current Assets 5,579,255,764 5,475,683,974
Non-current Assets：
Offering loans and imprest
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 24,598,294 26,656,197
Investment in other equity instrument
Other non-current financial assets
Real estate for investment 18,675,367 19,900,228
Fixed assets 5,247,633,263 5,308,778,632
Construction in progress 6,910,820 4,313,088
Biological assets for production 58,446,572 60,098,714
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Oil and gas assets
Right-of-use assets 91,479,854 55,252,509
Intangible assets 509,300,004 512,930,637
Including: data resource
Development expenditure
Including: data resource
Goodwill 88,036,557 88,036,557
Long-term deferred expenses 278,094,714 283,227,056
Deferred tax assets 188,089,020 215,680,654
Other non-current assets 43,735 43,735
Total Non-Current Assets 6,511,308,200 6,574,918,007
Total Assets 12,090,563,964 12,050,601,981
Current liabilities：
Short-term loan 242,325,229 240,674,788
Borrowings from the Central Bank
Borrowing funds
Transactional financial liability
Derivative financial liabilities
Notes payable
Accounts payable 319,900,343 321,932,168
Advances from customers
Contract liabilities 136,251,215 135,067,463
Sales/buyback financial assets
Customer and interbank deposits
Acting trading securities
Acting underwriting securities
Wage payable 139,768,004 162,525,617
Tax payable 140,141,000 158,558,934
Other accounts payable 246,939,791 332,855,775
Including: Interest payable
Dividend payable
Payable handling fees and commission
Dividend payable for reinsurance
Liabilities classified as holding for sale
Non-current liabilities expire in one year 70,951,284 75,440,910
Other current liabilities 17,712,658 27,193,862
Total Current Liabilities 1,313,989,524 1,454,249,517
Non-Current Liabilities:
Insurance contract reserve
Long-term borrowings 61,387,678 52,374,840
Bonds payable
Including: Preferred Stock
Perpetual capital securities
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Lease liability 49,884,331 19,437,830
Long-term accounts payable
Long-term accrued payroll
Estimated liabilities
Deferred income 17,616,157 19,386,932
Deferred tax liabilities 7,399,498 6,613,894
Other non-current liabilities
Total non-current liabilities 136,287,664 97,813,496
Total liabilities 1,450,277,188 1,552,063,013
Owner’s equity (or shareholders’ equity):
Capital stock 657,240,128 657,240,128
Other equity instruments
Including: Preferred Stock
Perpetual capital securities
Capital reserve 364,048,502 364,048,502
Minus: treasury stock 37,880,941 37,880,941
Other comprehensive income -24,050,269 -16,329,710
Special reserves
Surplus reserve 342,732,000 342,732,000
General risk preparation
Undistributed profits 9,185,944,516 9,037,437,598
Total owner's equity attributable to the holding
company
Minority interests 152,252,840 151,291,391
Total owner's equity 10,640,286,776 10,498,538,968
Total liabilities and owner's equity 12,090,563,964 12,050,601,981
Legal representative: Zhou Hongjiang; Person in charge of accounting: Guo Cuimei;
Person in charge of accounting organ: Guo Cuimei
② Consolidated profit statement
Unit: CNY
Amount in this Amount in prior
Item
report period report period
Including: Operating income 878,124,848 810,921,680
Interest income
Earned premium
Handling fees and commission income
Including: Operating costs 376,886,439 337,332,378
Interest expenditure
Handling fees and commission expenditure
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Premium rebate
Net amount of indemnity expenditure
Net amount of insurance contract reserve fund
withdrawal
Policy bonus payment
Amortized reinsurance expenditures
Taxes and surcharges 53,760,289 39,663,507
Selling expenses 170,997,122 157,682,309
Administrative expenses 55,929,386 54,009,741
Research and development expenditure 5,422,933 5,168,649
Financial expenses 7,702,112 -722,936
Including: Interest expenses 3,632,477 2,192,237
Interest income 705,090 2,014,450
Plus:Other income 6,926,422 7,998,378
Investment profit (loss is listed with "-") -2,057,902 -2,344,929
Including: Investment profit for joint-run business and
-2,057,902 -2,344,929
joint venture
Termination of recognized income of
financial assets measured at amortized cost (loss is listed with "-")
Exchange income (loss is listed with "-")
Net exposure hedging income (Loss is listed with “-”)
Fair value charge profit (loss is listed with "-")
Loss of credit impairment(loss is listed with "-") 549,171 2,290,245
Loss for impairment of assets(loss is listed with "-") 1,710,889 -784,085
Assets disposal income (loss is listed with "-") 359,104
Plus: Non-operating income 805,169 411,110
Minus: Non-operating expenditure 85,028 123,065
Minus: Income taxes 64,753,113 62,196,318
（一）Classification by continuous operation
(二)Classification by ownership
-7,720,559 5,426,561
company's owners
the profit and loss
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
cannot be transfer to gain/loss
instrument
-7,720,559 5,426,561
profit and loss
transfer to gain/loss
comprehensive income
-7,720,559 5,426,561
currency financial statements
-1,053,808 687,551
shareholders
Total comprehensive income of holding company 140,786,359 164,703,437
Total comprehensive income of minority shareholders 961,449 4,809,147
During this report period, the issue relates to company consolidation under common control,
consolidated party completes net profit amount of CNY0 before being consolidated, and
consolidated party completes net profit amount of CNY0 in the same period of last year.
Legal representative: Zhou Hongjiang; Person in charge of accounting: Guo Cuimei;
Person in charge of accounting organ: Guo Cuimei
③ Consolidated cash flow statement
Unit: CNY
Amount in this report Amount in prior report
Item
period period
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Cash received from sales of goods and rending of
services
Net increase in customer and interbank deposits
Net increase in borrowings from central bank
Net increase in borrowings from other financial
institutions
Cash received from receiving insurance premium
of original insurance contract
Net cash received from reinsurance business
Net increase of deposit of insured and investment
fund
Cash received from collecting interest, handling
fees and commission
Net increase in borrowings
Net increase in repurchasement business funds
Net cash received from securities trading agency
Tax refund received 10,029,529 11,471,958
Other cash received related to operating activities 9,491,162 13,548,162
Sub-total of cash inflows of operating activities 921,898,675 885,590,398
Cash paid for goods and services 289,305,041 392,516,845
Net increase in customer loans and advances
Net increase in deposits in central bank and
interbank deposits
Cash paid to original insurance contract payments
Net increase in lending funds
Cash paid to interest, handling fees and
commission
Cash paid to policy bonus
Cash paid to and on behalf of employees 118,790,745 128,544,949
Cash paid for taxes and expenses 206,378,647 220,966,699
Other cash paid related to operating activities 123,655,226 122,367,259
Sub-total of cash outflows of operating activities 738,129,659 864,395,752
Net cash flow from operating activities 183,769,016 21,194,646
Cash received from return of investment 21,000,000
Cash received from obtaining investment profit 28,639 511,062
Cash received from disposal of fixed assets,
intangible assets and other long-term assets
Net cash received from disposal of branch and
other business unit
Other cash received related to investing activities
Sub-total of cash inflows of investment activities 6,028,639 121,518,120
Yantai Changyu Pioneer Wine Co., Ltd. 2026 First Quarter Report
Cash paid to acquire fixed assets, intangible asset
and other long-term assets
Cash for investments 30,000,000 15,000,000
Net increase in hypothecated loan
Net cash paid to acquire branch and other
business unit
Other cash paid related to investment activities
Subtotal of cash outflows of investment activities 46,204,806 32,088,916
Net cash flow from investing activities -40,176,167 89,429,204
Cash received from acquiring investment
Cash received from acquiring minority
shareholders' investment by branch
Cash received from acquiring loans 132,148,853 103,315,242
Other cash received related to financing activities
Sub-total cash inflows of financing activities 132,148,853 103,315,242
Cash paid to repay debts 113,998,504 89,536,014
Cash paid to distribute dividend, profit or pay
interest
Dividend and profit paid to minority
shareholders by branch
Other cash paid related to financing activities 6,898,131 3,120,750
Sub-total of cash outflows of financing activities 124,695,171 96,955,429
Net cash flow from financing activities 7,453,682 6,359,813
cash equivalents
Plus: balance at the beginning of the period of
cash and cash equivalents
equivalents
implementation of the relevant items in the financial statements at the beginning of the year
Applicable Inapplicable
Whether the First Quarter Report has been audited
□Yes No
The First Quarter Report has not been audited.
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
April 28, 2026
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